SetMaterial via UStaticMesh vs UStaticMeshComponent

I am working with material runtime tweaking and noticed that one can SetMaterial() via UStaticMesh or via UStaticMeshComponent.

I would like to know if there is any difference which one to use. I haven’t found any documentation that explains the difference.
Thanks.

This is very important info to note. Could you post it as an answer so more people would learn the difference? Thanks.

Hello! When you set material for UStaticMesh - then you change Asset configuration itself (common for many instances). When you do that for UStatucMeshComponent - you just override it for some specific instance and that’s all.